As I said before, I'm looking for this complete a cup and handle pattern. We were in the downturn of the handle and we ended the day with a bullish hammer.
Currently up 7% in after market trading!
Fingers crossed - good luck everyone.
Remember to do your own homework and let me know what you think!
On the Daily today 2/24/21 Looks like a island reversal + it is above the 50 SMA. I am taking the trade, Thanks
greygooseorange
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thanks!!
dzygadlo
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@greygooseorange, Looking good today, hopefully it has some momentum to push is upward!
greygooseorange
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@dzygadlo, agreed and I hope so. this company stands to benefit big time from the administration. I just wonder what the next target is? 11? 12? possibly above 13?
dzygadlo
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@greygooseorange, if it's a cup and handle pattern then the upside is the depth of the bowl of the cup (~$5) added on to the place where the stock breaks out from the downward handle pattern.
Right now it looks like it might do that in the next day or two - may be after it breaks through $7.90
If that's true then it would be 7.90 + 5 = ~12.90
And I think that's just the short term break out. I would expect some pullback and profit taking. Like SUNW, which also seems to have come out of a longer deeper cup and handle.